Mexico’s 3rd-richest man, Ricardo Salinas has recently shared insights on why people should adopt Bitcoin (BTC) as an alternative to banks, noting that Bitcoin will catalyze inflation taxes due to the inability to debase the digital asset.

Billionaire Ricardo Salinas’s On Bitcoin Adoption Over Banks

In an interview with Bitcoin Magazine, the Mexican billionaire underscored why people should consider adopting Bitcoin as a store of value over banks. His reasoning was that these financial institutions secretly take people’s savings without their permission. 

“People’s savings are being taken from them without their permission, without their knowledge, and it’s very sad, especially for people who depend on this for their retirement,” he stated.

According to the billionaire, people need to be able to discern when they are being scammed and robbed by these crooks and the government because this is what is happening unknowingly to people all over the world.

Ricardo also highlighted that these people in power are stealing people blind, and committing fraudulent acts secretly.

“The first thing that needs to happen is people need to realize that they’re being scammed, that they are being robbed by these crooks and the government, that’s what they are, they’re fraudsters. They commit fraud and they stand there and say ‘How are we doing monetary policy’ and they’re just stealing people blind,” Ricardo stated.

However, Ricardo explained that if everybody were to understand how this works, they could be able to defend themselves against these fraudulent acts from these “gobiernicolas” or as he likes to call them, “government cavemen.”

This is because these government ‘cavemen’ are definitely not stupid and they are not going to give away the power that they have to confiscate people’s riches that easily. Therefore, the people have to take it from them and one of the tricks to defend against these acts is understanding the debasement of a currency.

According to Ricardo, it will be of great benefit to the people if they understand the debasement of a currency since it serves as a useful ploy in the fraudsters’ book. 

“I think everybody would benefit from understanding that the debasement of currency is a very useful trick in the fraudsters’ trick book to avoid raising taxes or debt.” 

This is one of the major reasons why the billionaire urges everyone to adopt Bitcoin because the digital asset can not be debased.

Bitcoin To Serve As A Catalyst Against Inflation Taxes

In the interview, Ricardo Salinas also highlighted the increase of inflation taxes worldwide, particularly in the Latin America region. This is another reason why the billionaire urges everyone to adopt Bitcoin.

The billionaire has positioned Bitcoin as a catalyst against these inflation taxes not just in Latin America alone, but all over the world, due to the digital asset being tax resistant.

“Bitcoin is a way to protect against that because it cannot be debased. So the importance of bitcoin is that it’s tax resistant and many other things, but very specifically applied to hyperinflationary economies, which we have several in Latin America,” Ricardo stated.